Montreal-based Osisko Development Corp. has released its third quarter 2025 financial and operational results, demonstrating significant progress in its flagship Cariboo Gold Project and strengthened financial positioning.
Financial Strength and Corporate Developments
The company reported $401.4 million in cash and cash equivalents as of September 30, 2025, representing substantial financial resources to advance its mining projects. During the quarter, Osisko Development secured significant funding through multiple channels.
In July 2025, the company entered into a US$450 million senior secured project loan credit facility with funds advised by Appian Capital Advisory Limited. The initial draw of US$100 million was completed during the quarter, with approximately $137.2 million (US$100.0 million) outstanding by quarter-end.
August 2025 saw the completion of private placements totaling US$203.1 million in gross proceeds. This included a brokered private placement of US$120.0 million and a non-brokered placement of approximately US$83.0 million, the latter including a substantial investment from Double Zero Capital LP.
Cariboo Gold Project Advancements
The Cariboo Gold Project in British Columbia remains the company's primary focus, with multiple development milestones achieved during the quarter. Pre-construction activities advanced significantly, including upgrades to water treatment facilities, construction of waste storage infrastructure, and expansion of the Ballarat camp.
Underground development progressed substantially, with approximately 1.9 kilometers of underground development completed from the existing Cow Portal into the Lowhee Zone and toward the Cow Mountain Zone.
In August 2025, the company commenced a 13,000-meter infill drill program within the Lowhee Zone as part of the Appian financing obligations. By the end of the quarter, approximately 51% of the planned drilling had been completed, with full assay results pending. The program is expected to conclude in the first quarter of 2026.
Operational Performance and Additional Updates
The company generated $4.4 million in revenues from the sale of 877 gold ounces from its small-scale heap leach project at the Tintic Project, compared to minimal revenues in the same quarter last year.
During the quarter, Osisko Development announced positive results from ore sorting testing conducted on mineralized material from the Cariboo Gold Project, potentially enhancing project economics. The company also released results from its infill and exploration diamond drilling campaigns in the Lowhee Zone.
Subsequent to the quarter end, Osisko Development completed an additional private placement for approximately $82.5 million in gross proceeds and appointed Scott Smith as Vice President of Exploration, strengthening its technical leadership team.
The combination of strong financial resources, advancing project development, and ongoing operational improvements positions Osisko Development for continued progress in bringing the Cariboo Gold Project toward production.
